Bloom Energy BE announced the installation of the first phase of a 10-megawatt solid oxide fuel cell in Unimicron Technology Corporation in Taiwan. The contract was delivered within five months from order, demonstrating the ability of Bloom Energy to quickly deliver power solutions to customers.
BE’s energy platform protects company facilities against outages and weather-related grid disruptions. Bloom’s technology also enables customers to take charge of their energy by locking in a large portion of their electricity cost.
BE’s Expansion in Asia
With the first 600 kilowatt Energy Server installed at the Unimicron plant, Bloom Energy has successfully scored its first Taiwan deployment of its fuel cell technology. However, BE enjoys a strong presence in Asia, having already deployed its solid oxide fuel-cell based Energy Server in three more Asian countries. It has also started the installation of two larger-capacity Bloom fuel cell systems at other Unimicron plants.
The rising demand for adopting clean energy and reduce carbon emission over growing concerns of the environmental impact of energy generation from conventional sources like coal has been a key driver behind the solid growth observed lately in the Asia-Pacific fuel cell market. Thus, the company may expect to witness more such installation in the near future in this region.
Global Solid Oxide Fuel Market
Per a Grand View Research report, the global Solid Oxide Fuel Cell (SOFC) market size is valued at $463.7 million in 2022 and is expected to witness a compound annual growth rate of 41.5% from 2023 to 2030.
Apart from Bloom Energy, some other prominent players in the global SOFC market are Gevo Inc. GEVO and FuelCell Energy Inc. FCEL.
Gevo, a leading renewable chemicals and advanced biofuels company, is engaged in the development of bio-based alternatives to petroleum-based products. It uses a combination of synthetic biology and chemistry.
The Zacks Consensus Estimate for GEVO’s 2023 earnings per share (EPS) indicates year-over-year growth of 24.2%. The Zacks Consensus Estimate for 2023 sales indicates year-over-year growth of 1,201.5%.
FuelCell Energy develops and markets ultra-clean power plants that generate electricity up to twice the efficiency of conventional fossil fuel plants. It has reduced greenhouse gas emissions because of the usage of fuels like renewable biogas and natural gas.
The Zacks Consensus Estimate for FCEL’s 2023 EPS indicates year-over-year growth of 6.3%. The Zacks Consensus Estimate for 2024 EPS indicates year-over-year growth of 7.3%.
Price Performance
In the past three months, shares of Bloom Energy have gained 5.9% compared with the industry’s 1.5% growth.
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Zacks Rank & Key Pick
Bloom Energy currently has a Zacks Rank #3 (Hold).
A better-ranked stock in the same industry is Opal Fuels Inc. OPAL, sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OPAL’s 2023 sales indicates year-over-year growth of 18%. In the past 60 days, the bottom-line estimates have moved up 66.7%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
